投资市场面对挑战，高昂的融资成本，逼使贵重物业组合持有人以折扣价出售非核心资产，有外资代理行预计今年下半年甲厦价格跌5至10%。

该行代理表示，持续高昂资金成本推动投资者以折扣价卖资产，银行不愿向商业物业提供贷款，限制投资需求，现金充裕的买家成为赢家。

投资者吼回报5至6厘物业

该行另一代理指， 香港房产市场面临重大挑战，港元升值和高息影响本地经济，导致游客消费下降。深圳新购物商场吸引港人到内地消费，导致核心街铺租自2019年起跌50%。

现金充裕的私人投资者和机构瞄準回报达5至6厘物业，惟高回报通常为新界区物业，2024年下半年可能有更多高回报放盘出现。

大手买卖金额按年跌47%

就非住宅大手买卖，2024年上半年仅录99亿，较2023年上半年下降47%，惟今年第二季度仍有一宗全幢出售交易，香港都会大学斥资10亿购入红磡成木酒店。商厦则以折扣价出售，由高盛及凯龙瑞以16亿收购和发展的全新写字楼88WL，仅以7亿售予本地投资者，卖方遭受重大亏损。美国银行中心两个楼层造价较高峰时跌近60% ，皇后大道中9号29楼单位成交价亦较高位下挫60%。

(星岛日报)

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观塘伟业街全幢商厦延迟拍卖

由私募基金持有的观塘伟业街全幢商厦东九汇，原订于本周三拍卖，现时决定延迟，尚未落实时间。

暂未定日期及开价

私募基金基滙资本及数位共同投资者就观塘伟业街133号全幢商厦东九汇，原本委託一间外资代理行于9月4日 (星期三) 公开拍卖，该行发言人昨日表示，拍卖将延迟举行，日期稍后公布，项目暂未定拍卖开价。

该全幢总建筑面积约192857方呎，每层面积14710方呎，提供区内同类型商厦少有大楼面设计，目前出租率约76%，平均呎租约30元。该厦于1969年落成，楼高13层连天台。

东九汇前身为长辉工业大厦，基滙资本2013年以9.3亿向「铺王」邓成波购入，斥2.7亿作翻新及作活化商业用途，2015年入伙，并于2017年7月将项目50%业权，售予SILKROAD基金及其他投资者，作价约10亿。

(星岛日报)

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Hong Kong property: cash-rich buyers make most of Peak distress amid 50% price slump

Distressed sales in Hong Kong’s luxury property market have driven prices down by as much as 50 per cent, with opportunistic buyers snapping up bargains, a property consultancy said

Transactions in Hong Kong’s super luxury property sector have been supported by opportunistic, cash-rich buyers pouncing on distressed sales amid a downtrend in sentiment, according to an property consultancy’s report on Friday.

Most of these distressed sales have been witnessed in the prestigious area of The Peak at prices averaging 50 per cent below their Covid-era valuations, the property consultancy said

“This sharp decline in prices has been largely attributed to several instances of distressed sales, where property owners were compelled to sell to settle outstanding debts,” the report said.

In July, the consultancy brokered the sale of four mansions at 46 Plantation Road, which were sold for HK$1.1 billion (US$141 million). The houses were among several assets the family of Ho Shung-pun, a low-key clan of real estate developers in Hong Kong, had pledged as collateral for HK$1.6 billion of private credit loans.

The consultancy also brokered the sale of a house that once belonged to China Evergrande Group chairman Hui Ka-yan. The ultra-luxury property on The Peak sold for HK$838 million.

“As veteran investors and property owners began to face financial difficulties, these resulted in sharp price cuts for the emergency sale of such properties,” an agent said.

The agent said overall property prices in Hong Kong have adjusted since last year, and continue to trend downwards this year, despite the government’s withdrawal of all property cooling measures in late February. The downturn has affected commercial properties as well, which have experienced a huge drop in rents and selling prices.

Hong Kong’s lived-in home prices fell 1.9 per cent in July from the previous month, dragging the official benchmark to its lowest level in nearly eight years, according to data from the Rating and Valuation Department.

The agent said that about 10 years ago, banks readily approved loans for investors to buy properties during the low-interest rate environment.

The agent said investors had not faced serious difficulties from the rising interest rates until the end of last year, which pushed Hibor, or Hong Kong interbank offered rate, above 5 per cent, pressuring mortgage repayments. At the same time, rents of commercial buildings and retail shops also fell, the agent added.

“As a result of these two factors, [property owners’] cash flow has been hit, affecting valuations,” the agent said. “Banks started to call loans from individual investors, which forced property owners to sell their assets at significantly reduced prices.”

The agent has been involved in many of Hong Kong’s significant transactions this year.

“We’ve been targeting some of the distressed companies and individuals as early as 2022,” another agent said. “The Peak currently has over 100 houses, which have been put up on the market for sale, both primary and secondary, and the number of sellers with financial urgency has risen to double digits.”

Some cash-rich buyers are eagerly monitoring the prices, which have come down at least 30 per cent from their highs, the agent added.

Looking ahead, the agent said the property market may stabilise towards the end of following the Federal Reserve’s interest rate cuts. Fed chair Jerome Powell gave the clearest indication of a rate cut as soon as this month in a recent speech at the bank’s Jackson Hole meeting.

The market may steady only a bit as the impact of the rate cuts may not materialise immediately, the agent said.

The agent added that the downturn in the property market this time has been no worse than the Asian financial crisis 27 years ago.

“Even the rich owners may have faced difficulties this time, but the depth and breadth of the property market adjustment is comparable to that in 1997,” the agent said.

The agent predicted that as there are still many owners selling their properties at significantly reduced levels, the prices of the properties will continue to trend down.

“The adjustment in the property prices has not yet ended.”

(South China Morning Post)